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After weeks of fervent speculation, Snapchat parent company Snap is set to price their initial public offering, topping expectations at $17 a share. CNBC is reporting that—at 200 million shares—this means that the company will have raised $3.4 billion and will be valued at nearly $24 billion. We can already hear the sound of money pouring into the streets of Abbot Kinney. Snap will begin public trading on the New York Stock Exchange Thursday under the symbol "SNAP."
The five-year-old L.A.-based startup's IPO is more than just a BFD milestone for the company; Business Insider is calling it the most high-profile tech IPO in years. Snap, which filed for the IPO in February, had originally estimated that shares would be priced between $14 and $16.
Here's a look at how today's news fits into the soaring upward trajectory of the company’s valuation, courtesy of the Wall Street Journal:
Updated Snap valuation chart!
— Scott Austin (@ScottMAustin) March 1, 2017
IPO puts it at $24 billionhttps://t.co/wqkh3vtBXK pic.twitter.com/ligfG7r2hR